Boohoo begins life under Lyttle

John Lyttle has started his role as CEO of Boohoo, effective today (Friday 15 March).

He will oversee the group’s family of fashion brands, which includes Pretty Little Thing, Nasty Gal and the eponymous, and he arrives following an eight-year stint as COO of value clothing chain, Primark.

Boohoo views Lyttle’s appointment as a key factor in the group’s positioning for its next stage of its growth, and his arrival results in Mahmud Kamani and Carol Kane, previously both joint CEOs, assuming more strategic roles within the business.

Kamani has become group executive chairman, and Kane is now group co-founder & executive director, while non-executive chairman Peter Williams has stepped down from his duties. Essential Retail reported these planned changes in September.

The search process to recruit two new independent non-executive directors is under way, with Boohoo saying the process is “progressing well” and a a further announcement will be made in due course. 

Boohoo’s most recent trading update, for the final quarter of 2018, showed the company is in strong growth mode.

Group revenue was up by 44% to £328.2 million, with each of its three brands driving increases in sales. Boohoo revenue was up by 15% to £163.5 million, while Pretty Little Thing and Nasty Gal grew their top line by 95% and 74% to £144.2 million and £20.6 million respectively.

Group revenue growth for the financial year to 28 February 2019 is expected to be 43% to 45%, with adjusted EBITDA margins to be between 9.25% and 9.75% – slightly down on estimates made earlier in the financial year.

Final results are scheduled to be revealed on 24 April 2019.